CPAB is requesting input into potential changes to the information that they disclose about the results of their regulatory assessments, specifically:

• Communication to audit committees
• Disclosures of the results of our regulatory oversight activities
• Disclosures related to CPAB’s enforcement actions

Review the press release on the CPAB's website.

Review the audit committee forum highlights on the CPAB's website.

Review the press release and Discussion Paper on the AASB's website.

The ED aligns with the International Auditing and Assurance Standards Board’s (IAASB) quality management standards. The proposed standards include changes such as using the terms quality management and engagement quality review instead of quality control and engagement quality control review, respectively, used in the current standards.

The three proposed standards are:

• Proposed Statement on Quality Management Standards (SQMS) A Firm’s System of Quality Management
• Proposed SQMS Engagement Quality Reviews
• Proposed Statement on Auditing Standards (SAS) Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards

Review the press release and exposure draft on the AICPA's website.

Here are the new appointments from Deloitte Canada:

AASOC appointments

Appointed as a member for a three-year term ending on March 31, 2024:

• Donald Newell, FCPA, FCA, ICD.D, B. Comm, Senior Partner (ret.), Deloitte LLP

Review the announcement on the AASB's website.

At its March 2021 meeting last week, the IAASB approved Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements. This guidance marks a significant step forward in supporting the evolving field of assurance for non-financial reporting. To help stakeholders understand the role of both the guidance and ISAE 3000 (Revised), which is the IAASB’s authoritative pronouncement, IAASB Chair Tom Seidenstein published an article detailing the guidance and how it supports the application of ISAE 3000 (Revised), growing demands for non-financial information reporting and assurance thereon, and the IAASB’s ongoing commitment to the consistent performance of quality engagements. The guidance will be published in April.

Review the press release on the IAASB's website.

As the UK moves towards reform of audit regulation there is now much research focused on the work of company directors overseeing the work of auditors. Not all of it comes with good news. A fresh examination of audit committees suggests those whose companies have been hit by scandals possess characteristics that some observers might call deficiencies.

Review the article on the Board Agenda's website.

Review the publication on the CPAB's website.

The documents include:

• Proposed supplemental guidance on auditor reporting to provide further guidance on modifications and other changes to the auditor’s report when using the proposed standard; and
• “Mapping” documents to help users navigate between existing, equivalent International Standards on Auditing and the requirements in the newly proposed International Standard on Auditing for Less Complex Entities (ISA for LCE).

Review the press release on the IAASB's website.

Recent global corporate fraud scandals such as those related to Wirecard in Germany and Carillion in the United Kingdom have driven a focus by capital market participants on the auditor’s role in identifying and detecting fraud. Certain audit regulators, including the International Auditing and Assurance Standards Board (IAASB) and the Public Company Accounting Oversight Board (PCAOB) have taken action with respect to fraud.

The publication provides an overview of the external auditor's responsibilities with respect to illegal acts and how they differ from fraud, outlining key differences and providing illustrative examples of each.

Review the publication on the CAQ's website.